What is the Fair Credit Reporting Act?

The Fair Credit Reporting Act (FCRA) is a federal law that provides important protections for consumers in the United States, including those living in Oklahoma. The act is designed to ensure that consumer credit information is reported accurately and fairly. The FCRA applies to all credit reporting agencies (CRAs) such as Experian, Equifax, and TransUnion. It requires CRAs to provide consumers with access to their credit reports and credit scores, and to take reasonable steps to ensure that the information they provide is accurate. The FCRA also gives consumers the right to dispute inaccurate information and to have it corrected if necessary. In addition, the act requires that consumers be notified when a CRA takes an action that could negatively affect their credit or other financial standing, such as denying a loan application or increasing the interest rate on a loan. This notification must be provided before the action takes effect and must include information on how to challenge and correct any inaccuracies. The FCRA also provides consumers with the right to place a security freeze on their credit report, preventing others from accessing their credit information without their permission. Finally, the act prohibits CRAs from including consumer information that is more than seven years old in credit reports, and from reporting certain types of information, such as bankruptcies or civil judgments, after a certain amount of time.

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What is the Fair Credit Reporting Act?

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